AMP board hit with new ultimatum

AMP's board has been warned it must take stronger action over the shock misconduct in its financial planning arm, or it faces a showdown with some of the country's largest superannuation funds at next month's annual general meeting.

The Australian Council of Superannuation Investors on Monday gave AMP an ultimatum that it would advise funds to vote against the re-election of directors and potentially reject its top executives' pay packets unless AMP this week took steps to ensure "accountability at board level."